Preh GmbH, the German-based supplier of injection molded electronic controls to automotive companies, has announced that it is investing 11 million euros ($12 million) in a new R&D center at its headquarters in Bad Neustadt, Germany.
The extension will be around 81,806 square feet, the company said in a news release.
The construction forms part of Preh's investment program which began last year. Preparatory measures for the R&D center are already underway, with a dispatch and customs office already open and 170 parking spaces being built for employees. The groundbreaking for the new centeris set for the second quarter of 2015 with completion of the project planned for the fall of 2016.
Preh President and CEO Michael Roesnick said: “Our investment program is [going] according to plan. By streamlining our R&D capabilities, we are creating the necessary preconditions to support the dynamic growth of the Preh Group. At the same time, we are reinforcing the position of Bad Neustadt as the decisive innovation site for the automotive electronics division in the Joyson Group."
Preh is a subsidiary of the Joyson Group in Ningbo, China. Preh reported sales of 611 million euros ($667 million) in 2014, employs around 4,200 people and has locations in Germany, Portugal, Romania, Mexico, the U.S. and China.